Global Nuclear Medicine Market will Reach $4.5Bn by 2022

Tuesday 6 November 2012, Amsterdam

A new report, a London-based business information provider, predicts that the global market for nuclear medicine will be worth $4.5bn by 2022. The market generated sales of $1.4bn in 2010.

The medical device industry has witnessed explosive growth in recent years. According to estimates, the global market was worth $236.1bn in 2010. Much of this growth is linked to the rising prevalence of a number of diseases worldwide; most notably in cardiac and neurological systems. This has fuelled a strong demand for technically advanced medical and diagnostic imaging devices, capable of providing accurate and detailed diagnoses, which can allow earlier, and potentially life-saving, medical intervention.

Hemant Mistry, healthcare industry analyst, says: “Despite experiencing a decline in sales volume and reduced demand in the aftermath of the global economic recession, the nuclear medicine market recovered well, and has seen strong growth in recent years. Much of this growth has been linked to the advent of hybrid units, such as positron emission tomography/computed tomography (PET/CT) scans, where both anatomical and functional images can be captured. For example, the combination of Positron Emission Tomography (PET) with other imaging modalities, such as MRI (Magnetic Resonance Imaging) has allowed for the imaging of cartilage damage, previously thought unreliable.”

Research also suggests that the world nuclear medicine market may benefit from globalisation. Developed nuclear medicine markets such as the US and UK are highly saturated and the focus is likely to be towards upgrading stand-alone PET and SPECT system with fully integrated hybrid units, that offer a high level of anatomical and functional detail. Emerging countries such as China and India will offer more opportunity, due a lack of nuclear medicine facilities and technologies, and increased healthcare spending. It has been predicted that healthcare investment in these countries is expected to double in the next seven years.

The new report predicts that this market will grow rapidly to 2022. The future of the nuclear medicine market appears promising as technological innovations such as PET and SPECT systems allow highly accurate diagnostic images to be produced, allowing for earlier, and potentially life saving medical intervention to be initiated. The drive to provide patients with diagnostic imaging systems options that are more accurate, comfortable and future-proof will sustain growth in the nuclear medicine market during the forecast period. This new report adds to a wide range of analytical reports in healthcare and other industry areas.